Mainland Chinese stocks drop as much as 3.5% as coronavirus fears grip investors

FxPro Daily Economic Events
FxPro Daily Economic Events

Stocks in mainland China dropped on Thursday, leading losses among major markets regionally as the death toll rises in China due to a pneumonia-causing virus outbreak. The Shanghai composite fell 2.75% on the day to around 2,976.53 while the Shenzhen component dropped 3.52% to close at 10,681.90. The Shenzhen composite also declined 3.451% to end its trading day at approximately 1,756.82.

Hong Kong’s Hang Seng index also fell 1.89%, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan slipped 0.98% to close at 23,795.44 while the Topix index also shed 0.78% to end its trading day at 1,730.50. Japanese trade data released Thursday showed exports falling more than expected in December. Japanese exports for December fell 6.3% in December as compared to a year before, data from country’s Ministry of Finance data showed. That was far lower than expectations of a 4.2% decrease expected by economists in a Reuters poll.

South Korea’s Kospi also saw losses as it declined 0.93% to close at 2,246.13. Meanwhile, shares in Australia declined on the day, with the S&P/ASX 200 falling 0.63% to 7,088. Data on Thursday showed that jobs growth smashed expectations. On a seasonally adjusted basis, 28,900 jobs were created in Australia in December, according to data from the Australian Bureau of Statistics. That was far above expectations of a 15,000 increase from a Reuters poll.

Mainland Chinese stocks drop as much as 3.5% as coronavirus fears grip investors, CNBC, Jan 23

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